Ukraine’s future membership in the European Union could serve as a catalyst for further economic cooperation with Canada. This conclusion is drawn from comments made by former Canadian Minister of International Trade Ed Fast.
This is reported by Finway
Potential for Expanding Free Trade
According to the expert, Ukraine’s integration into the EU will allow the country to take advantage of the benefits provided by free trade agreements between Canada and the European Union. In particular, this pertains to the simplification of rules for determining the origin of goods and the elimination of customs barriers for Ukrainian exporters. This could stimulate an increase in trade volume both between Ukraine and Canada and with other EU countries.
“Ukraine already has an agreement with the EU that paves the way for its membership. If this happens, Ukraine will benefit from the rules stipulated by the free trade conditions between Canada and the EU, particularly regarding the origin of goods and the elimination of tariffs,” said Fast.
Experience of Cooperation and Development Prospects
The free trade agreement between Ukraine and Canada has been in effect since 2017. Two years ago, this document was updated, expanding its provisions to include a number of new areas, including investment. At the same time, the free trade agreement between Canada and the EU has been partially in effect since 2017, although not all EU countries have completed its ratification yet.
Ed Fast also emphasized that in the context of modern global challenges, like-minded countries are increasingly inclined to expand cooperation beyond the traditional economic orbit of the United States. This creates additional opportunities for countries like Ukraine to strengthen their positions in international markets through new partnerships and trade agreements.